Suppose We Have A List Of Time With Hours And Minute In Excel Cells That Shows The Worked Hours And Minutes In Column A, And In Column B The Hourly Rate For the Worked Hour, Now If We Want To Calculate The Payment Or Say Cost Based On Hours And Minute, We Will Calculate It By Multiplying The HH:MM With 24 And Then Multiply It With The Hourly Rate. That Will Look Like This (=Hours : Minutes * 24 (Hours) * Hourly Rate ). We Multiply HH:MM With 24 Hours Because It Is A Part Of 24 Hours.
EXAMPLE :-Let Say There Is HH:MM = 10:00 And Hourly Rate Is $10.00 So Your Payment Or Cost Will Be $100.00. If 10:30 And Hourly Rate Is $10.00 Then Your Payment Will Be $105.00
Make Sure That The Hours And Minutes Are in Proper Decimal Value. By Default As Output The Excel Will Display The Time We Must Convert It To General Format For The Exact Result. Please Refer To The Images Below.
The Formula To Calculate Payment / Cost Based On Time As Per This Example Is:- =A3*24*B3
